Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MERC	MERCER INTERNATIONAL INC SBI	15,606,223	$240M	36.6%	$8.23	+11.0%	Com	588056101
—	MFC INDUSTRIAL LTD	13,662,400	$55.47M	8.5%	$7.08	—	Com	55278T105
—	THORATEC LABS CORP	605,318	$25.36M	3.9%	$32.46	—	Com	885175307
AMGN	AMGEN INC	150,000	$23.98M	3.7%	$113.30	+1.5%	Com	031162100
GS	GOLDMAN SACHS GROUP INC	126,500	$23.78M	3.6%	$150.86	-0.7%	Com	38141G104
BRK/A	BERKSHIRE HATHAWAY INC DEL CL A	106	$23.05M	3.5%	$216493.73	+2.1%	Com	084670108
NTPIF	NAM TAI PROPERTY INC	5,774,800	$22.93M	3.5%	$4.67	-10.3%	Com	G63907102
RJF	RAYMOND JAMES FNCL INC	300,000	$17.03M	2.6%	$31.14	+2.1%	Com	754730109
MTN	VAIL RESORTS INC.	150,800	$15.6M	2.4%	$86.72	+4.4%	Com	91879Q109
—	SUN HYDRAULICS CORP	300,000	$12.41M	1.9%	$39.38	—	Com	866942105
—	LEUCADIA NATIONAL CORP	510,872	$11.39M	1.7%	$22.42	—	Com	527288104
—	PFSWEB INC	750,000	$8.243M	1.3%	$12.66	—	Com	717098206
PG	PROCTER & GAMBLE CO	99,400	$8.145M	1.2%	$64.60	-1.6%	Com	742718109
—	TRC COMPANIES INC	855,216	$7.115M	1.1%	$6.34	—	Com	872625108
GLW	CORNING INC	312,550	$7.089M	1.1%	$15.20	+17.3%	Com	219350105
UDR	UDR INC	200,000	$6.806M	1.0%	$20.28	+10.6%	Com	902653104
—	ZIEGLER COS INC THE	198,972	$6.367M	1.0%	$31.41	—	Com	989506308
DVN	DEVON ENERGY CORP (NEW)	100,000	$6.031M	0.9%	$41.13	+1.0%	Com	25179M103
SIGI	SELECTIVE INS GROUP INC	200,000	$5.81M	0.9%	$21.49	+8.5%	Com	816300107
PM	PHILIP MORRIS INTL INC	75,000	$5.65M	0.9%	$49.22	-4.4%	Com	718172109
—	LEGG MASON INC COM	100,000	$5.52M	0.8%	$53.37	—	Com	524901105
—	HCC INSURANCE HOLDINGS INC	93,000	$5.27M	0.8%	$53.52	—	Com	404132102
EMR	EMERSON ELEC CO	89,000	$5.039M	0.8%	$46.41	-6.5%	Com	291011104
WFC	WELLS FARGO & CO NEW COM STK	88,000	$4.787M	0.7%	$38.77	+2.8%	Com	949746101
—	AGRIBANK FCB - CALLABLE	45,650	$4.748M	0.7%	$103.59	—	Pref	00850L203
—	XILINX INC	100,000	$4.23M	0.6%	$43.29	—	Com	983919101
—	XEROX CORP COM	300,000	$3.855M	0.6%	$13.86	—	Com	984121103
BA	BOEING CO	25,000	$3.752M	0.6%	$110.65	+15.5%	Com	097023105
—	TIDEWATER INC	183,000	$3.503M	0.5%	$32.41	—	Com	886423102
—	CDK GLOBAL INC	64,330	$3.008M	0.5%	$40.76	—	Com	12508E101
—	GENERAL ELECTRIC CO	121,000	$3.002M	0.5%	$25.27	—	Com	369604103
MDLZ	MONDELEZ INTERNATIONAL INC	72,964	$2.633M	0.4%	$28.41	-0.3%	Com	609207105
MO	ALTRIA GROUP, INC	50,000	$2.501M	0.4%	$23.76	+10.2%	Com	02209S103
EQT	EQT CORPORATION CMN	30,000	$2.486M	0.4%	$43.41	-10.3%	Com	26884L109
—	CUBESMART - CALLABLE	85,000	$2.275M	0.3%	$26.85	—	Pref	229663208
TRV	TRAVELERS COS INC	21,000	$2.271M	0.3%	$78.95	+6.4%	Com	89417E109
—	PRINCIPAL FINL GROUP-CALLABLE	22,500	$2.244M	0.3%	$100.34	—	Pref	74251V201
—	KRAFT FOODS GROUP, INC	24,320	$2.119M	0.3%	$62.66	—	Com	50076Q106
—	HESS CORPORATION	30,000	$2.036M	0.3%	$73.83	—	Com	42809H107
XXCHNXX	CHINA FUND INC	101,426	$1.963M	0.3%	$18.23	—	Com	169373107
—	ULTRA PETROLEUM CORP	125,000	$1.954M	0.3%	$13.16	—	Com	903914109
—	EQUITY COMMONWEALTH - CALLABLE	80,000	$1.934M	0.3%	$23.91	—	Pref	294628508
MDT	MEDTRONIC PLC	23,900	$1.864M	0.3%	$58.10	0.0%	Com	G5960L103
—	PS BUSINESS PARKS - CALLABLE	70,000	$1.798M	0.3%	$25.56	—	Pref	69360J883
—	TE CONNECTIVITY LIMITED	25,000	$1.791M	0.3%	$63.24	—	Com	H84989104
—	REED ELSEVIER N.V. SPONSORED ADR	35,000	$1.743M	0.3%	$47.63	—	Com	758204200
CVX	CHEVRON CORPORATION	16,000	$1.68M	0.3%	$70.52	-5.1%	Com	166764100
T	AT&T INC	50,000	$1.633M	0.2%	$11.81	-0.1%	Com	00206R102
—	US CELLULAR CORP	60,000	$1.519M	0.2%	$24.97	—	Pref	911684504
—	WPX ENERGY, INC	137,000	$1.497M	0.2%	$11.63	—	Com	98212B103
—	COUNTRYWIDE CAPITAL	56,000	$1.45M	0.2%	$25.75	—	Pref	222388209
—	DELPHI FINANCIAL GROUP - CALLABLE	53,941	$1.36M	0.2%	$25.10	—	Pref	247131303
WU	WESTERN UNION COMPANY	65,000	$1.353M	0.2%	$17.91	—	Com	959802109
MOV	MOVODA GROUP INC	47,000	$1.34M	0.2%	$31.09	-19.3%	Com	624580106
—	QWEST CORPORATION - CALLABLE	50,000	$1.316M	0.2%	$25.64	—	Pref	74913G105
—	ENCANA CORPORATION	115,353	$1.286M	0.2%	$13.87	—	Com	292505104
RRC	RANGE RESOURCES CORP	24,250	$1.262M	0.2%	$64.63	-23.2%	Com	75281A109
—	COMSTOCK RESOURCES INC	337,000	$1.203M	0.2%	$6.81	—	Com	205768203
—	ENERGY TRANSFER PTNRS L.P.	21,000	$1.171M	0.2%	$65.00	—	Com	29273R109
—	BOARDWALK PIPELINE PARTNERS, LP	72,700	$1.17M	0.2%	$17.77	—	Com	096627104
—	GRAFTECK INTERNATIONAL LTD	300,000	$1.167M	0.2%	$5.06	—	Com	90262K109
—	TYCO INTERNATIONAL LTD	25,000	$1.077M	0.2%	$43.88	—	Com	G91442106
—	ENTERGY MISSISSIPPI INC - CALLABLE	40,000	$1.043M	0.2%	$25.90	—	Pref	29364N835
—	BANK OF AMERICA - CALLABLE	40,000	$1.034M	0.2%	$25.57	—	Pref	060505344
—	BANK OF AMERICA CORP	40,000	$1.023M	0.2%	$25.57	—	Pref	060505310
—	AFFILIATED MANAGERS GROUP	40,000	$1.018M	0.2%	$25.70	—	Pref	008252868
—	HANCOCK HLDG CO- CALLABLE	40,000	$968K	0.1%	$24.20	—	Pref	410120307
USB	US BANKCORP DEL COM NEW	20,300	$887K	0.1%	$29.12	+2.3%	Com	902973304
—	DIAMOND OFFSHORE DRILLING INC.	32,500	$871K	0.1%	$36.71	—	Com	25271C102
SUBCY	SUBSEA 7 INC SPONSORED ADR	100,000	$861K	0.1%	$10.21	—	Com	864323100
JPM	JPMORGAN CHASE & CO COM	14,155	$858K	0.1%	$44.70	-0.9%	Com	46625H100
—	HANES BRANDS INC.	25,000	$838K	0.1%	$53.06	—	Com	410345102
—	NEW YORK COMMUNITY	50,000	$837K	0.1%	$16.00	—	Com	649445103
—	HARTFORD FINL SVCS GRP - CALLABLE	25,000	$768K	0.1%	$29.96	—	Pref	416518504
—	STATE STREET CORP	30,000	$766K	0.1%	$25.23	—	Pref	857477889
—	JP MORGAN CHASE & CO - CALLABLE	30,000	$762K	0.1%	$25.40	—	Pref	48127R461
SCHW	SCHWAB CHARLES CORP NEW	25,000	$761K	0.1%	$24.85	+2.2%	Com	808513105
—	SENIOR HOUSING PROPERTIES TRUST	30,000	$747K	0.1%	$24.90	—	Pref	81721M208
MCD	MCDONALDS CORP	6,250	$609K	0.1%	$70.55	+2.3%	Com	580135101
KO	COCA COLA COM	15,000	$608K	0.1%	$30.05	-1.5%	Com	191216100
BP	BP P.L.C. SPONSORED ADR - CMN	15,000	$587K	0.1%	$38.13	—	Com	055622104
—	CITIGROUP INC - PFD - CALLABLE	20,000	$545K	0.1%	$26.60	—	Pref	172967341
—	TCF FINANCIAL CORP - CALLABLE	20,000	$544K	0.1%	$26.20	—	Pref	872277207
NNN	NATIONAL RETAIL PPTYS INC	13,000	$533K	0.1%	$39.38	—	Com	637417106
—	ADT CORPORATION	12,500	$519K	0.1%	$36.24	—	Com	00101J106
—	CASTLE BRANDS INC	350,000	$490K	0.1%	$1.62	—	Com	148435100
—	MERRIL LYNCH DEPOSITOR PFD PLUS	18,700	$478K	0.1%	$25.72	—	Pref	740434881
CWGL	CRIMSON WINE GROUP LTD	51,086	$465K	0.1%	$9.08	+0.3%	Com	22662X100
—	SPECTRUM PHARMACEUTICALS INC	75,796	$460K	0.1%	$6.93	—	Com	84763A108
F	FORD MTR CO DEL COM	25,000	$404K	0.1%	$8.16	+8.2%	Com	345370860
—	MALLINCKRODT PLC WI	3,124	$396K	0.1%	$98.91	—	Com	G5785G107
—	GRAFTECH INTERNATIONAL LTD	100,000	$389K	0.1%	$5.06	—	Com	384313102
PNR	PENTAIR PLC	5,998	$377K	0.1%	$36.33	-0.5%	Com	G7S00T104
HLX	HELIX ENERGY SOLUTIONS GROUP	25,000	$374K	0.1%	$23.78	-29.0%	Com	42330P107
DSWL	DESWELL INDS INC COM COM	200,000	$368K	0.1%	$1.10	-7.2%	Com	250639101
VRE	MACK CALI RLTY COM REIT	17,500	$337K	0.1%	$19.09	—	Com	554489104
—	ENTERGY LOUISIANA LLC	13,000	$331K	0.1%	$25.38	—	Pref	29364W405
—	SOLAZYME, INC	100,000	$286K	0.0%	$2.58	—	Com	83415T101
—	AOL INC	3,030	$120K	0.0%	$46.20	—	Com	00184X105
—	CENTURYLINK INC	3,425	$118K	0.0%	$39.71	—	Com	156700106
—	GENERAL MOTORS CO. WARRANT EXP	2,916	$81,000	0.0%	$25.03	—	Com	37045V118
—	BB&T CORPORATION	1,400	$55,000	0.0%	$38.57	—	Com	054937107
—	MYMETICS CORP	2,186,473	$50,000	0.0%	$0.03	—	Com	62856A102
—	CORTS TR II PROVIDENT FING TR I	810	$23,000	0.0%	$28.40	—	Pref	22081B200
—	GENERAL MOTORS CO. WARRANT EXP	1,145	$22,000	0.0%	$16.59	—	Com	37045V126
CDVIQ	CAL DIVE INTERNATIONAL INC	500,000	$14,000	0.0%	$0.20	-71.1%	Com	12802T101
—	MOTORS LIQUIDATION COMPANY-TRUST	744	$13,000	0.0%	$17.47	—	Pref	62010U101
KALU	KAISER ALUM CORP DEPOSITARY S CMN	70	$5,000	0.0%	$51.13	+2.1%	Com	483007704
—	AICI CAP TRUST PFD	30,100	$5,000	0.0%	$0.17	—	Pref	001338201
BLIBQ	BB LIQUIDATING INC - CLASS B	54,211	$0	0.0%	$0.01	0.0%	Com	05532D206
BLIAQ	BB LIQUIDATING INC - CLASS A	54,211	$0	0.0%	$0.01	0.0%	Com	05532D107
—	WELLS FARGO & COMPANY PFT SERIES J	387	$0	0.0%	—	—	Pref	949746887
—	HERCULES OFFSHORE INC	5	$0	0.0%	—	—	Com	427093109